Quote:
Originally Posted by Pretext
The ONS calculates economic figures
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ONS only calculates regional GVA (gross value added). Eurostat is the only institution that calculates regional GDP, for all the the NUTS regions of Europe.
Quote:
Originally Posted by Pretext
The net effect is that from 2007 to 2011 London’s economy (GVA) grew by a nominal 12.4% compared to between 2.3% and 6.8% across other UK regions.
Office for National Statistics |
Nominal GVA means it includes inflation. Once you deflate inflate (which has been high in the UK since 2008 due to the collapse of the sterling pound that year), the real growth of London is in fact closer to 0%.
For the records, between 2007 and 2011 the nominal GDP growth of the UK was +7.6%, but its real GDP growth (after deflating inflation) was -3.3%. Source is IMF:
http://www.imf.org/external/pubs/ft/...CNGDP&grp=0&a=